1. Operating Cash flow
Operating = EBIT (1-TAX rate) + Depreciation and Amortization
***EBIT (1-TAX rate) เรียกอีกอย่างหนึ่งว่า NOPAT
2. Capital expenditures
Capital expenditures= Depreciation and Amortization + Increasing in fixed assets
3. Net operating working capital
Net operating working capital = (Cash and cash equivalent + Account receivable + Inventory)
- (Account payable + Accruals)
4. Total operating capital
Total operating capital = Net operating working capital + Net fixed assets
5. Free Cash Flow (FCF)
FCF = [EBIT (1-TAX rate) + Depreciation and Amortization]
- [Capital expenditures + Delta Net operating working capital]
***Delta คือ ผลต่างระหว่างจำนวน 2 จำนวน
Example 1
Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars)
2005 2004
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Sales $1,200.0 $1,000.0
Operating costs excluding
depreciation and amortization 1,020.0 850.0
EBITDA $ 180.0 $ 150.0
Depreciation and amortization 30.0 25.0
Earnings before interest and taxes $ 150.0 $ 125.0
Interest 21.7 20.2
Earnings before taxes $ 128.3 $ 104.8
Taxes (40%) 51.3 41.9
Net income $ 77.0 $ 62.9
Common dividends $ 60.5 $ 46.4
Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars)
2005 2004
----------------------------------------------------------------------------------------------------
Assets
Cash and equivalents $ 12.0 $ 10.0
Accounts receivable 180.0 150.0
Inventories 180.0 200.0
Total current assets $ 372.0 $ 360.0
Net plant and equipment 300.0 250.0
Total assets $ 672.0 $ 610.0
Liabilities and Equity
Accounts payable $ 108.0 $ 90.0
Notes payable 67.0 51.5
Accruals 72.0 60.0
Total current liabilities $ 247.0 $ 201.5
Long-term bonds 150.0 150.0
Total debt $ 397.0 $ 351.5
Common stock (50 million shares) 50.0 50.0
Retained earnings 225.0 208.5
Common equity $ 275.0 $ 258.5
Total liabilities and equity $ 672.0 $ 610.0
a. What was the 2005 NOPAT?
b. What were the 2004 and 2005 net operating working capital?
c. What were the 2005 and 2005 total operating capital?
d. What was the 2005 free cash flow?
e. How would you explain the large increase in 2005 dividends?
Soln
a. NOPAT = EBIT (1-TAX rate)
= 150,000,000 (1-0.4) = 150,000,000(0.6)
= $ 90,000,000
b. Net operating working capital = (Cash and cash equivalent + Account receivable + Inventory)
- (Account payable + Accruals)
NOWC2005 = (12,000,000 + 180,000,000 + 180,000,000) - (108,000,000 + 72,000,000)
= 372,000,000 - 180,000,000
= $ 192,000,000
NOWC2004 = (10,000,000 + 150,000,000 + 200,000,000) - (90,000,000 - 60,000,000)
= 360,000,000 - 150,000,000
= $ 210,000,000
c. Total operating capital = Net operating working capital + Net fixed assets
TOC2005 = 192,000,000 + 300,000,000
= $ 492,000,000
TOC2004 = 210,000,000 + 250,000,000
= $ 460,000,000
d. Free cash flow = [EBIT (1-TAX rate) + Depreciation and Amortization]
- [Capital expenditures + Delta Net operating working capital]
Capital expenditures = Depreciation and Amortization + Increasing fixed assets
= 30,000,000 + 50,000,000
= $ 80,000,000
Delta net operating working capital = NOWC2005 - NOWC2004
= 192,000,000 - 210,000,000
= $ -18,000,000
FCF = (90,000,000 + 30,000,000) - (80,000,000 - 18,000,000)
= 120,000,000 - 62,000,000
= $ 58,000,000
e. Dividend เพิ่มขึ้น 60.5 - 46.4 = $ 14.1 ล้าน
พิจารณาในปี 2005 จาก กำไรสุทธิที่ 77 ล้าน จ่ายเป็นเงินปันผลที่ 60.5 ล้าน
เหลือเข้าสู่กำไรสะสมเพียง 17.5 ล้านนั้น ถือว่าสัดส่วนของการจ่ายเงินปันผลมาก
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วันอังคารที่ 17 ธันวาคม พ.ศ. 2556
Financial Statement (งบการเงิน) MBA
